## The Distribution Process (Part 4, Ch.13)

The distribution process is the systematic transfer of positions from professionals to late-arriving retail buyers. Key characteristics:

- **Declining volume** throughout Phase B — similar to accumulation, but for the opposite reason: professionals have placed most of their sell orders.
- **Lower highs** during tests — each test of the resistance zone makes a slightly lower high, indicating buyers are unable to push price as high as before.
- **Ice defense:** Professional traders defend the lower boundary (Ice) with buying pressure to prevent premature breakdown.
- **Final test before markdown:** The UTAD (if it occurs) is the professional's final opportunity to verify the path of resistance downwards is clear. After a successful UTAD and test, the markdown is ready.

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